Pittsburgh-based Lipella Pharmaceuticals Inc. (NASDAQ:LIPO) reported on Wednesday the results of its Annual Meeting of Stockholders that took place on Monday. The meeting's outcomes included the election of its board of directors and the approval of a reverse stock split.
Seven director nominees were elected by the shareholders, including Jonathan Kaufman, Michael Chancellor, Lori Birder, Daniel Cohen, Byong (Christopher) Kim, Ryan Pruchnic, and Naoki Yoshimura.
Each will serve until the 2025 Annual Meeting of Stockholders. The number of votes withheld ranged from 30,427 to 69,981 for each candidate, while broker non-votes were 1,703,278 across the board.
Additionally, shareholders approved an amendment to the company's certificate of incorporation to effectuate a reverse stock split. The ratio will range from one-for-five to one-for-one hundred and fifty, at the discretion of the board of directors, to be executed within one year from the date of approval. The proposal received 3,881,533 votes for, 407,381 against, and 14,254 abstained.
The appointment of Urish Popeck & Co., LLC as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 4,232,289 votes for, 61,186 against, and 9,693 abstained.
In other recent news, Lipella Pharmaceuticals has faced a potential Nasdaq delisting due to an equity shortfall. The company's stockholders' equity fell below Nasdaq's minimum requirement, prompting a need for a compliance plan. Simultaneously, Lipella has initiated a Phase 2a clinical trial for LP-310, a potential treatment for Oral Lichen Planus, a chronic inflammatory condition affecting around 6 million Americans.
In addition, Lipella has announced plans for a registered direct offering of its common stock, aiming to raise approximately $1.28 million, with H.C. Wainwright & Co. serving as the exclusive placement agent.
The company has also set its 2024 annual meeting of stockholders, establishing deadlines for written submissions for proposals and nominations for director candidates.
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